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Ignite Restaurant Group Sale Procedures Approval Sought

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Ignite Restaurant Group filed with the U.S. Bankruptcy Court an emergency motion for entry of an order authorizing and scheduling an auction at which Debtors will solicit the highest or best bid for the sale of substantially all of Debtors’ assets, approving bidding procedures related to conduct of auction, approving breakup fee, approving the form and manner of notices of proposed sale of the Debtors’ assets, the auction and the sale hearing and approving the sale of its assets to stalking horse purchaser KRG Acquisitions or to the party submitting the highest or best bid.

The motion explains, “This emergency Motion is filed because the Debtors are operating a restaurant business that needs to be sold on an expedited basis to preserve value and ensure there can be an orderly transition of the business to an identified buyer….An accelerated process is warranted under the unique circumstances of these Debtors, because they have been evaluating and undertaking a sale process that started in the fall of 2016. After months of effort, the Debtors have identified and proposed a transaction with a capable and experienced buyer that can acquire the assets for a value that is above any others thus far identified. However, for important and pressing business reasons, any sale transaction must close on or before September 8, 2017, or the Stalking Horse Bidder may terminate the Agreement.”

KRG Acquisitions’ stalking horse bid for the assets is $50 million, and any third party (other than the stalking horse purchaser) that is interested in acquiring the purchased assets must submit an initial overbid that provides for a purchase price in an amount equal to or greater than the sum of (1) the purchase price, (2) $1,500,000 (the breakup fee) and (3) $500,000 (the initial overbid amount).

Read more restaurant bankruptcy news.

The post Ignite Restaurant Group Sale Procedures Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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